CIBC latest Canadian lender to cut jobs, seeks to boost efficiency

TORONTO Jan 29 (Reuters) - Canadian Imperial Bank of
Commerce is trimming its workforce as part of a
realignment of its resources to help boost efficiency, the
country's fifth-biggest lender said on Thursday.

It did not mention the number of job losses nor the
departments affected in an emailed statement. A source familiar
with the matter said the cuts would roughly total 500.

"After careful review, we have made the difficult decision
to selectively reduce a number of positions across CIBC," the
bank said in the statement.

The move makes it the latest Canadian bank to trim back
after Bank of Nova Scotia and Royal Bank of Canada
cut positions late last year.

The job losses were initially reported by the Wall Street
Journal on Thursday.

CIBC, which has approximately 44,500 full- and part-time
staff, said it would be a net recruiter in 2015 with plans to
add 5,000 employees in the next year, it said.
(Reporting by Euan Rocha; Editing by Alan Crosby)